Spotlight

Indian equity markets are expected to trade with a cautious bias as renewed U.S.-Iran military escalation revives concerns over global energy supplies, triggering a rebound in crude oil prices and prompting a broader risk-off tone across Asian markets. Japan's Nikkei and South Korea's Kospi were both down more than 1% in early trade, reflecting investors' renewed focus on geopolitical risks. WTI crude has edged higher towards the $84–85 per barrel range following the latest exchange of strikes, bringing energy prices back into sharp focus.

Oil prices had retreated from recent highs last week on optimism that negotiations aimed at normalising cargo traffic through the Strait of Hormuz were making progress. That optimism has since faded after U.S. forces struck Iranian missile launchers near the strait, prompting retaliatory missile attacks by Iran on U.S. bases in the region. The renewed escalation is expected to keep geopolitical risks elevated and energy prices at the forefront of investor sentiment. 

India's Q1 FY27 GDP data and the U.S. non-farm payrolls report will be the key macroeconomic events this week. The data will offer fresh clues on the resilience of domestic growth and the direction of global monetary policy expectations.   

Technical View

Nifty 50

Nifty 50 is likely to maintain a cautious bias after closing lower for three consecutive weeks. The index continues to encounter selling pressure at higher levels, with the 24,300–24,400 region emerging as the key resistance band. A sustained breakout above 24,400 would strengthen the near-term recovery structure and potentially open the way towards the 24,500–24,600 levels.
 
On the downside, 24,100–24,000 remains the immediate support zone. Sustaining above the 24,000 psychological level will be crucial to preserve the broader recovery structure and prevent further deterioration. However, a decisive break below 24,000 could intensify selling pressure and expose the index to the 23,800 region. Overall, the near-term technical outlook remains cautious. A decisive and sustained move above 24,400 would be required to establish stronger bullish momentum, while sustained trading below 24,000 could shift the technical structure further in favour of the bears.

Bank Nifty

Bank Nifty continues to demonstrate comparatively stronger technical resilience, although the index remains within a broader consolidation range. The 57,800–58,000 region remains the key resistance zone, where the index has repeatedly encountered selling pressure. A sustained breakout above 58,000 would strengthen the recovery structure and could pave the way towards the 58,300–58,500 levels.
 
On the downside, 57,300–57,200 remains the immediate support zone, followed by the stronger 57,000 level. Sustaining above these support levels will be important to preserve the prevailing recovery structure, while a decisive break below 57,000 could trigger renewed selling pressure and expose the index to lower support levels. Overall, the near-term technical outlook remains cautiously constructive. A sustained move above 58,000 would strengthen the bullish setup, while failure to clear the resistance band could keep the index range-bound.